GTx Reports Q4, Full-Year Financial Results

Daily News staff

GTx, Inc. (Nasdaq: GTXI) today provided a company update and reported financial results for the fourth quarter and full year 2010.

The net loss for the quarter ended Dec. 31, 2010, was $7.5 million compared to a net loss of $10.9 million for the same period in 2009. Net income for the year ended Dec. 31, 2010, was $15.3 million compared to a net loss of $46.3 million for the year ended Dec. 31, 2009.

Revenue for the quarter ended Dec. 31, 2010, was $1.8 million compared to revenue of $3.7 million for the same period in 2009. Revenue for the year ended Dec. 31, 2010, was $60.6 million compared to revenue of $14.7 million for the year ended Dec. 31, 2009.

Revenue for the fourth quarter of 2010 included collaboration revenue from GTx’s collaboration with Ipsen of $336,000 and $1.5 million of net sales of Fareston (toremifene citrate), marketed for the treatment of advanced metastatic breast cancer in postmenopausal women. Revenue for the year ended Dec. 31, 2010, included collaboration revenue from Ipsen of $1.9 million and $54.9 million from Merck & Co., Inc. As a result of the termination of GTx’s license and collaboration agreement with Merck in March 2010, the company recognized as collaboration revenue the remaining $49.9 million of unamortized deferred revenue in the first quarter of 2010, as well as the final payment of $5 million of cost reimbursement for research and development activities that was received from Merck in December 2010. Revenue for the year ended Dec. 31, 2010, also included $3.8 million of net sales of Fareston.

Research and development expenses for the quarter and year ended Dec. 31, 2010, were $5.8 million and $28.5 million, respectively, compared to $8.2 million and $32.3 million for the same periods in 2009. General and administrative expenses for the quarter and year ended Dec. 31, 2010, were $4.5 million and $17.4 million, respectively, compared to $6.3 million and $27.8 million for the same periods in 2009.

Additionally, net income for the fourth quarter and year ended Dec. 31, 2010, included other income of $1.2 million from grants awarded to the company by the United States government under the Qualifying Therapeutic Discovery Project Program, which was established under the Patient Protection and Affordable Care Act.